Silver Weekly Price Forecast – Silver Plunges for the Week

Silver Price Forecast Video for 14.08.23

Silver Weekly Technical Analysis

Silver has plunged during the course of the trading week, as we are now threatening the $22.50 region. The market is also stuck between the 50-Week EMA, and the 200-Week EMA. All things being equal, you should also pay close attention to the 61.8% Fibonacci level, so with all that being said I think it’s probably worth noting that the market is now threatening a major support level. The 200-Week EMA hanging around the $22 level is what I look at as the “floor in the market.”

The size of the candlestick is rather negative, and it’s worth noting that we have completely wiped out the previous impulsive bullish candlestick from over a month ago, and therefore it’ll be interesting to see how we behave from here. The negative correlation to the US dollar of course is something worth paying close attention to, and therefore I think we’ve got a situation where the market is about to make a bigger move, therefore we need to pay close attention to the next couple of candlesticks. If we do recover from here, then I think the silver market goes looking to the $25 level, although it could take a certain amount of time. On the other hand, if we were to break down below the 200-Week EMA, or the $22 level, then silver is likely to drop all the way down to the $20 level.

In general, this is a market that will be very noisy so you need to be cautious with your position size. That being said, the market is likely to continue to see a lot of noisy behavior, and therefore you need to be cautious with your position size as per usual when it comes to the silver market.

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